Is Hyperliquid ($HYPE ) in the upthrust phase of a distribution, suggesting further downside, or breaking out of a reaccumulation structure for another move higher?

Based on the number of long positions still open, a price decline appears to be the more likely scenario.

The 1 month and 3 month liquidation levels show a massive imbalance toward longs, which generally creates an unfavorable short term risk profile.

Definitely something to monitor closely.